Monterey Capital Acquisition Corp. (MCACU) Prices Downsized $80M IPO


Monterey Capital Acquisition Corp. (MCACU) Prices Downsized $80M IPO

May 10, 2022 IPOs by Marlena Haddad

Monterey Capital Acquisition Corp. priced its downsized $80 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “MCACU” Wednesday, May 11, 2022.

The new SPAC intends to combine with prospective targets focused on the clean transition economy with enterprise values of approximately $250 million to $1 billion. Monterey Capital is led by CEO and Chairman of the Board Bala Padmakumar, EVP Vivek Soni, and CFO Daniel Davis.

Total SPAC deal count for 2022 year-to-date is now 66. This offering is expected to close on Friday, May 13.

EF Hutton, a division of Benchmark Investments LLC, is acting as the sole book-running manager of the offering. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. is serving as Issuer’s Counsel with Seward & Kissel LLP serving as Underwriter’s Counsel. Marcum, LLP serves as auditor. Continental Stock Transfer & Trust Company is acting as trustee.